Babel EA
- Experts
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Bruno Grilli
Currently working as a Product Owner (Scrum/Agile stuff) in an international bank in Spain. In love with MQL4, and developing EAs and indicators for my friends. - Version: 520.0
- Activations: 5
EA description
This EA is based on a typical market behaviour which is that when a large volume events occur, the price follows the direction of that explosion for a certain period of time. For this purpose, Babel Tower places virtual pending orders at a certain distance from the limits of the candle where this volume boost has occurred.
To ensure the success of the operation, Babel Tower uses a lots multiplication mechanism for subsequent orders in the same series. Although the initial configuration sets a multiplier of 1.2 all its parameters are configurable by the trader (if a trader does not want a lots multiplication, simply enter the value 1 in the multiplier parameter).
Babel Tower allows you to locate a take profit and to set up a trailing profit to ensure profits. In the same way, and to visually facilitate the state of the operations, the location of both the break even of the series of operations and the take profit is shown in the graph.
Set files
We have PRESET files already pre-configured by backtesting for most currencies (18 pairs have been tested). Backtesting has been extended for some of the pairs since 2015.
Recommendations
The Timeframe for which Babel Tower works best is H1, although its performance can also be beneficial for other timeframes.
Babel Tower has been tested on the 18 most relevant pairs in the market.
A minimum deposit of 3000€ (or $) is recommended to start with lots of 0.01, for which it is recommended to use lots of volume 1 (for deposits lower than 3000 or cents accounts, investigations are currently taking part).
We recommend backtesting if you want to use any other configuration than the one recommended or listed in the sets.
Configuration parameters
EA identifier: value used by the EA to uniquely identify himself against other EAs running on the same MT4.
Candle size needed to trigger the pending orders: size required in pips of the candle to trigger the positioning of pending orders.
Distance from the ends of the candle: the distance in pips from the ends of the candle at which the pending orders will be placed.
Take profit distance: distance in pips from the break even to which the take profit of the series of operations will be placed.
Grid distance: the distance in pips between one operation and another at which the next operation in the series will be launched.
Starting lots: volume value of the first operation of the series, in lots.
Lots multiplier: lots multiplier for follow-up operations of the same series.
Trailing Profit distance needed to move the Trailing Profit: distance needed in pips that the price must move from the take profit to move the trailing profit.
Distance from the BE where the SL is put: distance in pips over (or below) the Break Even where the Stop Loss line is set.
Distance from the BE needed to put the SL: the price must be at this pips from the Break Even to put a Stop Loss line.
